JSX ends down on telecoms fall

JSX ends down on telecoms fall

Dow Jones, Jakarta

JAKARTA: Indonesian shares ended lower Tuesday, with telecommunications blue chips weighed down by sharp falls on Wall Street Monday and losses across the region, dealers said.

The JSX Composite Index ended down 0.9 percent, or 4.935 points, at 518.935. Decliners outnumbered gainers 78 to 35 with 83 stocks unchanged.

Volume was relatively light at 328 million shares valued at Rp 309 billion (US$35.7 million).

Monday, the Dow Jones Industrial Average dropped 2.2 percent to 9709.79, while Nasdaq lost 3.3 percent to 1562.56.

"Selling was almost across the board," said a trader with Danawitta Securities, adding that trade ran slower in the afternoon session as many market participants turned their focus on World Cup soccer.

Shares of Telekomunikasi Indonesia fell 1.9 percent, or Rp 75, to Rp 3,925 after the company's American Depositary Receipts lost 0.3 percent to $9.15 overnight.

Indonesian Satellite lost 1.3 percent, or Rp 150, to Rp 11,450 on lingering uncertainty over the government's plan to further sell its stake in the company.

Shares of crude palm oil producer Astra Agro Lestari dropped 7.1 percent, or Rp 150, to Rp 1,975 on profit-taking after rising 29 percent recently.

Cigarette maker HM Sampoerna was down 2.8 percent, or Rp 125, at Rp 4,350 also on further profit-taking, after rising 5.7 percent last week.

But shares of car maker Astra International bucked the trend, rising 1.7 percent, or Rp 75, to Rp 4,375 due to the rupiah's strength against the U.S. dollar. Astra has almost $1 billion in dollar-denominated debt.

Dealers expect the market to be flat to slightly higher Wednesday on a technical rebound in select blue chips.

Meanwhile, Asian stock markets closed mostly lower Tuesday, pushed down by an overnight slump on Wall Street.

Tokyo's benchmark 225-issue Nikkei Stock Average lost 248.32 points, or 2.09 percent, to 11,653.07. On Monday, the average rose 137.69 points, or 1.17 percent.

Investors did little buying ahead of Friday's release of Japanese gross domestic product figures for the January-March quarter. Sentiment was also depressed by a 3.3 percent overnight plunge by New York's NASDAQ composite Index.

The Dow Jones industrial average shed 215.46 to 9,709.79 at Monday's close, while the NASDAQ finished at 1,562.56, down 53.17.